Apple has scrapped Apple Pay Later, its “buy now, pay later” service that launched in the US only last year, marking a retreat in the iPhone maker’s ambitions to become a major provider of traditional financial services.
The tech giant said it is pivoting to a new instalment loans service offered through third-party credit and debit cards.
“With the introduction of this new global instalment loan offering, we will no longer offer Apple Pay Later in the US,” Apple said. Users with open loans through Apple Pay Later will continue to have access to features, but no new loans are being offered.
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